Why Key Accounts Need More Than Sales Enablement Software
There is no debate on the need for Sales Enablement for any organization that deals with customers. To establish and maintain any kind of systematic process at scale, a sales enablement software is the cornerstone. It helps manage data, it delivers the analytical insights needed for decision making, and it automates a lot of the tasks that would otherwise take up valuable managerial time.
However, for B2B companies that earn a significant part of their revenue from large, complex, global Key Accounts, there is a different set of unique characteristics and challenges that need to be addressed. These large ‘bread and butter’ accounts cannot be handled the same way- and with the same tools- that help manage regular customers. There is a need, therefore, for these B2Bs to look beyond sales enablement software for their Key Account management.
They need Key Account Management Technology. It is a highly specialized enabling technology, designed specially keeping in mind the complexities and demands of Key Accounts.
The objective with Key Accounts is the same as with regular Accounts- to grow them and optimize revenues from them, but how it is done is fundamentally different. The usual price and offer based solutions won’t do. The way to sustainable growth with key Accounts is by transitioning from Vendor status to Strategic Partner status. That is when the potential for ‘farming’ and mining’ the Account- selling up and across all the possible buying units in the global organization – really gets unlocked.
Moreover, the only way to successfully transition from vendor to strategic partner is to identify areas of strategic interest to the Client, align with those, and be able to add and create value to those areas of business that help the client grow.
So, the difference really, between sales enablement software and Key Account Management software comes down to the difference between a Sales Manager and a Key Account Manager. Both have the same mandate- to grow revenues- but the client base, the methodology, and the practices to achieve that are fundamentally different.
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About the Author
CEO & Co-Founder, DemandFarm
Milind is CEO & Co-Founder of DemandFarm. Having practiced and evolved the ‘account farming’ principle for over a decade he established DemandFarm and is passionate about delivering the best B2B key account management tool to serve the needs of key account managers. Milind also serves on the Board of LeadEnrich & is a Strategic Adviser.